Minutes of the Meeting of the Federal Open Market Committee Held on February 1-2, 2000

Federal Reserve Bulletin, May, 2000 by Donald L. Kohn

A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, February 1, 2000, at 2:30 p.m. and continued on Wednesday, February 2, 2000, at 9:00 a.m.

Present:
    Mr. Greenspan, Chairman
    Mr. McDonough, Vice Chairman
    Mr. Broaddus
    Mr. Ferguson
    Mr. Gramlich
    Mr. Guynn
    Mr. Jordan
    Mr. Kelley
    Mr. Meyer
    Mr. Parry

    Mr. Hoenig, Ms. Minehan, Messrs. Moskow
        and Poole, Alternate Members of the
        Federal Open Market Committee

    Messrs. Boehne, McTeer, and Stern, Presidents
        of the Federal Reserve Banks of Philadelphia,
        Dallas, and Minneapolis respectively

    Mr. Kohn, Secretary and Economist
    Mr. Bernard, Deputy Secretary
    Ms. Fox, Assistant Secretary
    Mr. Gillum, Assistant Secretary
    Mr. Mattingly, General Counsel
    Mr. Baxter, Deputy General Counsel
    Ms. Johnson, Economist
    Mr. Prell, Economist

    Mr. Beebe, Ms. Cumming, Messrs. Eisenbeis,
         Goodfriend, Howard, Lindsey, Reinhart,
         Simpson, Sniderman, and Stockton,
         Associate Economists

    Mr. Fisher, Manager, System Open Market Account

    Mr. Winn,(1) Assistant to the Board, Office of
        Board Members, Board of Governors

    Mr. Ettin, Deputy Director, Division of Research
        and Statistics, Board of Governors

    Messrs. Madigan and Slifman, Associate Directors,
        Divisions of Monetary Affairs and Research
        and Statistics respectively, Board of Governors

    Messrs. Oliner and Whitesell, Assistant Directors,
        Divisions of Research and Statistics and
        Monetary Affairs respectively, Board of
        Governors

    Mr. Small,(2) Section Chief, Division of Monetary
         Affairs, Board of Governors

    Messrs. Brayton,(2) Morton,(3) and Rosine,(3) Senior
        Economists, Divisions of Research and
        Statistics, International Finance, and
        Research and Statistics respectively,
        Board of Governors

    Ms. Garrett and Mr. Hooker? Economists, Division
        of Monetary Affairs, Board of Governors

    Ms. Low, Open Market Secretariat Assistant,
        Division of Monetary Affairs, Board of
        Governors

    Ms. Browne, Messrs. Hakkio and Hunter,
        Ms. Krieger, Messrs. Lang, Rasche, Rolnick,
        and Rosenblum, Senior Vice Presidents, Federal
        Reserve Banks of Boston, Kansas City, Chicago,
        New York, Philadelphia, St. Louis, Minneapolis,
        and Dallas respectively

In the agenda for this meeting, it was reported that advices of the election of the following members and alternate members of the Federal Open Market Committee for the period commencing January 1, 2000, and ending December 31, 2000, had been received and that these individuals had executed their oaths of office.

The elected members and alternate members were as follows:

William J. McDonough, President of the Federal Reserve
     Bank of New York, with Jamie B. Stewart, Jr., First
     Vice President of the Federal Reserve Bank of
     New York, as alternate

J. Alfred Broaddus, Jr., President of the Federal Reserve
     Bank of Richmond, with Cathy E. Minehan, President
     of the Federal Reserve Bank of Boston, as alternate

Jerry L. Jordan, President of the Federal Reserve Bank
     of Cleveland, with Michael H. Moskow, President
     of the Federal Reserve Bank of Chicago, as alternate

Jack Guynn, President of the Federal Reserve Bank
     of Atlanta, with William Poole, President of the
     Federal Reserve Bank of St. Louis, as alternate

Robert T. Parry, President of the Federal Reserve Bank of
     San Francisco, with Thomas M. Hoenig, President of
     the Federal Reserve Bank of Kansas City, as alternate

By unanimous vote, the following officers of the Federal Open Market Committee were elected to serve until the election of their successors at the first meeting of the Committee after December 31, 2000, with the understanding that in the event of the discontinuance of their official connection with the Board of Governors or with a Federal Reserve Bank they would cease to have any official connection with the Federal Open Market Committee:

Alan Greenspan                 Chairman
William J. McDonough           Vice Chairman
Donald L. Kohn                 Secretary and Economist
Normand R.V. Bernard           Deputy Secretary
Lynn S. Fox                    Assistant Secretary
Gary P. Gillum                 Assistant Secretary
J. Virgil Mattingly, Jr.       General Counsel
Thomas C. Baxter, Jr.          Deputy General Counsel
Karen H. Johnson               Economist
Michael J. Prell               Economist
Jack H. Beebe, Christine Cumming, Robert A. Eisenbeis,
     Marvin S. Goodfriend, David H. Howard, David E.
     Lindsey, Vincent R. Reinhart, Thomas D. Simpson,
     Mark S. Sniderman, and David J. Stockton,
     Associate Economists

By unanimous vote, the Federal Reserve Bank of New York was selected to execute transactions for the System Open Market Account until the adjournment of the first meeting of the Committee after December 31, 2000.